When moving in to the Saudi Arabia, there are a lot of things that need to be done as being part of a expatriate and one of them is to get yourself bank accounts opened. This read will outline the basic types of Non Resident Banking Accounts that are available in Saudi Arabia. There are many questions that many Expatriates in general ask themselves and the banks that they are familiar with, mainly whether they can open an NRO (Non Resident Ordinary) account in Saudi Arabia? Or maybe whether they can open an account while being in their home country? Before moving onto the procedural part of this we must make be aware that there are three types of NRO (Non Resident Ordinary) banking accounts;
- Non Resident External (NRE)
- Non Resident Ordinary (NRO)
- Foreign Currency Non Resident (FCNR)
Type of NRO Bank Account Options
- To open up a NON RESIDENT EXTERNAL account you must only be an NRI (Non Resident Indian). This account gives you many privileges such as that you are exempted from tax. This account is maintained in your home country currency such as if you are in India. Your account holdings will all be in INDIAN currency. You are able to choose any type of account such as saving, current or fixed deposit. This account is helpful for those who wish to save money after converting to Indian currency as remittance.
- This account can be opened before you become an NRI (Non Resident Indian) as well. However tax rates are applied according to the current slab rate. The account balance for non-resident ordinary is maintained in Indian Rupees only. Here again you are able to choose your account type from saving, fixed deposit or current. This account is helpful for those who wish to save money for rents and dividend etc.
- This account can only be opened if you are a Non Resident Indian and this account is tax free. This account gives you the option of choosing your account balance currency from Dollars, Pounds, and Euros etc. In this particular account you can choose your account type from fixed or term deposit account only. This account probes to extremely helpful for those who wish to save money for a period of 1 to 5 years, maybe longer depending in need.
Now since you are aware of the banking types I would suggest you to go for FCNR since this opens a lot of opportunities for you including you to be exempted from tax. Now you may want to know which bank will be ideal, a lot of banks reject your applications because they consider visiting your home branch as necessary. HDFC however proves to be much more helpful since they have good customer support service that call you themselves and help you along the whole way. Since many people cannot visit their home country in between their requests are forwarded to the senior managers and within days they accept your account. Soon you'll get all your other things like debit cards, cheque book etc. through courier. What else could you want more?
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